India: BigMint's billet index falls further by INR 550/t d-o-d amid weak demand

Competitive offers fail to revive buying interest in semis
Finished steel and sponge iron prices fell across Raipur

BigMint’s billet index declined by INR 550/t d-o-d to INR 45,100/t exw-Raipur on 9 October 2026, as weak demand and cautious buying continued to pressure spot prices despite competitive offers. Expectations of further correction kept buyers in wait-and-watch mode.

Market sentiment weakened amid subdued demand across semi-finished and finished steel segments. A few deals were concluded towards the end of the trading session at lower offers, but overall participation remained limited, resulting in a further decline in billet prices.

Finished steel prices decline

Rebar prices in Raipur fell by INR 600/t d-o-d, while wire rod prices declined by INR 100/t amid weak buying activity.

Sponge iron prices soften further

Sponge iron prices in Raipur declined by INR 250/t d-o-d as buying activity remained weak despite sellers making modest corrections to spot offers.

The conversion spread between sponge iron (PDRI) and billet for standalone induction furnaces in the Raipur cluster was assessed at INR 16,250/t.

Rationale

This index is derived based on transactions, offers, bids, and indicative price data sets. Transactions are considered T1 and given a weightage of 50%, whereas other data sets are considered as T2 and given a weightage of the balance 50%.

Transactions (T1) – Three trades were recorded at INR 45,000-45,200/t during the 10:30 am to 5:30 pm BigMint trading window and considered for final price calculation as T1 inputs. The average of these transactions was INR 45,051/t, which was given a 50% weightage in the final price calculation.
Other price indicators – bids/offers/indicatives (T2) – Thirteen offers were reported in the trading window and considered as T2 inputs. The average price of these thirteen was INR 45,150/t and given a 50% weightage in the final price calculation.

The final price of billets was INR 45,101/t exw-Raipur, rounded off to INR 45,100/t exw.

Click here for detailed methodology